Obligation Komunalbanken 0% ( XS2292963613 ) en HKD

Komunalbanken

100 % ▼

Norvege

XS2292963613 ( en HKD )

0%

29/01/2022 - Obligation échue

Prospectus brochure de l'obligation Kommunalbanken XS2292963613 en HKD 0%, échue

1 000 000 HKD

250 000 000 HKD

Kommunalbanken est une banque publique norvégienne qui fournit des services financiers aux municipalités et aux autres entités publiques norvégiennes.

L'obligation portant le code ISIN XS2292963613, émise par Kommunalbanken, a atteint sa date d'échéance le 29 janvier 2022 et a été intégralement remboursée à son prix nominal de 100%. Kommunalbanken, l'émetteur de ce titre, est une institution financière majeure en Norvège, jouant un rôle clé dans le financement des collectivités locales et régionales norvégiennes; en tant que banque de développement détenue par l'État norvégien, elle bénéficie d'une solide réputation et reflète la stabilité économique de son pays d'émission. Cette émission obligataire, libellée en dollars de Hong Kong (HKD), représentait un montant total de 250 millions de HKD et était accessible aux investisseurs avec une taille minimale d'achat fixée à 1 million de HKD. Caractérisée par un taux d'intérêt de 0% et une fréquence de paiement unique, cette obligation n'offrait pas de versements de coupons périodiques, ce qui suggère qu'il s'agissait soit d'une obligation à coupon zéro, dont le rendement est intégré dans le prix d'émission, soit d'un produit structuré sans intérêt nominal, son remboursement à maturité s'étant effectué au prix nominal de 100% comme stipulé, attestant de son bon dénouement.

MiFID II PRODUCT GOVERNANCE / Professional investors and eligible
counterparties only target market Solely for the purposes of the manufacturer's product
approval process, the target market assessment in respect of the Instruments has led to the
conclusion that: (i) the target market for the Instruments is eligible counterparties and
professional clients only, each as defined in Directive 2014/65/EU ("MiFID II"); and (ii) all
channels for distribution of the Instruments to eligible counterparties and professional clients
are appropriate. Any person subsequently offering, selling or recommending the Instruments
(a "distributor") should take into consideration the manufacturer's target market assessment;
however, a distributor subject to MiFID II is responsible for undertaking its own target market
assessment in respect of the Instruments (by either adopting or refining the manufacturer's
target market assessment) and determining appropriate distribution channels.
Final Terms dated 27 January 2021
KOMMUNALBANKEN AS
Legal Entity Identifier (LEI): I7ETN0QQO2AHZZGHJ389
Issue of
HKD 250,000,000 0.000 per cent. Instruments due 29 January 2022
(the "Instruments")

UNDER THE
PROGRAMME FOR THE ISSUANCE OF DEBT INSTRUMENTS
The Base Prospectus referred to below (as completed by these Final Terms) has been prepared
on the basis that any offer of Instruments in any Member State of the European Economic Area
or in the United Kingdom will be made pursuant to an exemption under Regulation (EU)
2017/1129 (the "Prospectus Regulation") from the requirement to publish a prospectus for
offers of the Instruments. Accordingly any person making or intending to make an offer in that
Member State or in the United Kingdom of the Instruments may only do so in circumstances
in which no obligation arises for the Issuer or any Manager to publish a prospectus pursuant to
Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the
Prospectus Regulation, in each case, in relation to such offer. Neither the Issuer nor any
Manager has authorised, nor do they authorise, the making of any offer of Instruments in any
other circumstances.
PART A - CONTRACTUAL TERMS
Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set
forth in the base prospectus dated 20 March 2020 which constitutes a base prospectus for the
purposes of the Prospectus Regulation (the "Base Prospectus"). This document constitutes the
Final Terms of the Instruments described herein for the purposes of the Prospectus Regulation
and must be read in conjunction with such Base Prospectus. Full information on the Issuer and
the offer of the Instruments is only available on the basis of the combination of these Final
Terms and the Base Prospectus. The Base Prospectus is available for viewing at
Kommunalbanken AS, Haakon VIIs gate 5b, 0161 Oslo, Norway and Deutsche Bank AG,
London Branch, Winchester House, 1 Great Winchester Street, London EC2N 2DB, United
Kingdom and the websites of the Luxembourg Stock Exchange (www.bourse.lu) and the Issuer
(https://www.kbn.com/en/about-us/company-information) and copies may be obtained from
Kommunalbanken AS, Haakon VIIs gate 5b, 0161 Oslo, Norway and Deutsche Bank AG,
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London Branch, Winchester House, 1 Great Winchester Street, London EC2N 2DB, United
Kingdom.
1.
(i)
Series Number:
5518

(ii)
Tranche Number:
1

(iii)
Date on which the Instruments
Not Applicable
become fungible:
2.
Specified Currency:
Hong Kong Dollars ("HKD")
3.
Aggregate Principal Amount:

(i)
Series:
HKD 250,000,000

(ii)
Tranche:
HKD 250,000,000
4.
Issue Price:
100 per cent. of the Aggregate Principal
Amount
5.
(i)
Specified Denominations:
HKD 1,000,000

(ii)
Calculation Amount:
HKD 1,000,000
6.
(i)
Issue Date:
29 January 2021

(ii)
Interest Commencement Date:
Issue Date
7.
Maturity Date:
29 January 2022
8.
Types of Instruments:
Fixed Rate
9.
Interest Basis:
0.00 per cent. Fixed Rate
(further particulars specified below)
10.
Redemption/Payment Basis:
Subject to any purchase and cancellation
or early redemption, the Instruments will

be redeemed on the Maturity Date at 100
per cent. of their nominal amount
11.
Change of Interest or Redemption/
Not Applicable
Payment Basis:
12.
Put/Call Options:
Not Applicable
13.
Status of the Instruments:
Senior
14.
Substitution and Variation (Condition
Not Applicable
6.18):

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PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
15.
Fixed Rate Instrument Provisions
Applicable

(i)
Interest Rate:
0.000 per cent. per annum

(ii)
Interest Payment Date(s):
Maturity Date

(iii)
Adjustment of Interest
The Interest Payment Date will not be
Payment Date(s) for payment
adjusted for calculation of interest;
purposes:
however, for payment purposes only, the
Following Business Day Convention will
apply

(iv)
Fixed Coupon Amount(s):
HKD 0.00

(v)
Broken Amount(s):
Not Applicable

(vi)
Day Count Fraction:
Actual/365 (Fixed)

(vii)
Determination Dates:
Not Applicable
16.
Floating Rate Instrument Provisions Not Applicable
17.
Fixed Interest Discounted Issue
Not Applicable
Instrument Provisions
18.
Zero Coupon Instrument Provisions Not Applicable
19.
Index Linked Interest Instrument
Not Applicable
Provisions
20.
Share Linked Interest Instrument
Not Applicable
Provisions
21.
FX Linked Interest Instrument
Not Applicable
Provisions
22.
Fund Linked Interest Instrument
Not Applicable
Provisions

PROVISIONS RELATING TO REDEMPTION
23.
Notice periods for Condition 6.2
As set out in Condition 6.2
(Early Redemption for Taxation
Reasons):
24.
Call Option
Not Applicable
25.
Put Option
Not Applicable
26.
Automatic Early Redemption
Not Applicable
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27.
Maturity Redemption Amount of
HKD 1,000,000 per Calculation Amount
each Instrument
28.
MREL Disqualification Event
Not Applicable
Option
29.
Early Redemption Amount

(i)
Early Redemption Amount(s)
HKD 1,000,000 per Calculation Amount
per Calculation Amount
payable on redemption for

taxation reasons or for an
MREL Disqualification Event:

(ii)
Early Redemption Amount(s)
HKD 1,000,000 per Calculation Amount
per Calculation Amount
payable on event of default or

other early redemption:
30.
Index Linked Redemption
Not Applicable
Instruments
31.
Share Linked Redemption
Not Applicable
Instruments
32.
FX Linked Redemption Instruments Not Applicable
33.
Instruments with Dual or Other
Not Applicable
Currency Settlement Conditions
34.
Fund Linked Redemption
Not Applicable
Instruments
35.
Commodity Linked Redemption
Not Applicable
Instruments
36.
Physical Delivery Instruments
Not Applicable

GENERAL PROVISIONS APPLICABLE TO THE INSTRUMENTS
37.
Form of Instruments:
Registered Instruments:
Regulation S Instrument
38.
New Global Instrument:
Not Applicable
39.
New Safekeeping Structure:
No
40.
Applicable Financial Centre(s) or
Hong Kong, London and New York
other special provisions relating to
Payment Dates:

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41.
Talons for future Coupons or Receipts
No
to be attached to Definitive Bearer
Instruments (and dates on which such
Talons mature):
42.
Details relating to Partly Paid
Not Applicable
Instruments:
43.
Details relating to Instalment
Not Applicable
Instruments:
44.
Calculation Agent (including, in the
Not Applicable
case of Renminbi Instruments, the
party responsible for calculating the
Fixed Coupon Amount(s)):

SIGNATURE
Signed on behalf of the Issuer:

By:
Duly authorised
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PART B - OTHER INFORMATION
1.
LISTING AND ADMISSION TO TRADING
(i)
Listing:
Application has been made by the Issuer (or
on its behalf) for the Instruments to be listed
on the official list of the Luxembourg Stock
Exchange with effect from 29 January 2021
(ii)
Admission to trading:
Application has been made by the Issuer (or
on its behalf) for the Instruments to be
admitted to trading on the regulated market of
the Luxembourg Stock Exchange with effect
from 29 January 2021
(iii)
Estimate of total expenses
EUR 600 (listing fee)
related to admission to
trading:
2.
RATINGS
The Instruments to be issued are expected to be rated:
S&P Global Ratings Europe Limited ("S&P"): AAA
Moody's Investors Service (Nordics) AB ("Moody's"): Aaa
According to Moody's rating system, obligations rated "Aaa" are judged to be of the
highest quality with minimal credit risk and according to S&P's rating system, an
obligor rated "AAA" has extremely strong capacity to meet its financial commitments.
S&P and Moody's are established in the European Economic Area and registered under
Regulation (EC) No. 1060/2009, as amended (the "CRA Regulation"), and are
included in the list of credit rating agencies published by the European Securities and
Markets Authority on its website (www.esma.europa.eu/supervision/credit-rating-
agencies/risk) in accordance with the CRA Regulation. Ratings given by S&P and
Moody's are endorsed by S&P Global Ratings UK Limited and Moody's Investors
Service Ltd, respectively, which are established in the UK and registered under the
CRA Regulation as it forms part of the domestic law of the United Kingdom by virtue
of the European Union (Withdrawal) Act 2018 and appear on the list of credit rating
agencies registered or certified with the FCA published on its website
(https://www.fca.org.uk/markets/credit-rating-agencies/registered-certified-cras).
3.
INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE
ISSUE/OFFER
So far as the Issuer is aware, no person involved in the offer of the Instruments has an
interest material to the offer.
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4.
REASONS FOR THE OFFER, ESTIMATED NET PROCEEDS AND TOTAL
EXPENSES
(i)
Reasons for the offer:
The net proceeds of the issue of the
Instruments will be applied by the Issuer to
meet part of its general financing requirements
(ii)
Estimated net proceeds:
USD 250,000,000
(iii)
Estimated total expenses:
Not Applicable
5.
YIELD
Indication of yield:
0.00 per cent. per annum
6.
OPERATIONAL INFORMATION
ISIN Code:
XS2292963613
Common Code:
229296361
CUSIP Number:
Not Applicable
Intended to be held in a manner
Not Applicable
which would allow Eurosystem
eligibility:
Clearing system(s):
Euroclear / Clearstream, Luxembourg
Delivery:
Delivery against payment
Names and addresses of additional
Not Applicable
Paying Agent(s) or Foreign
Exchange Agent(s) (if any):
Name and address of Luxembourg
Not Applicable
Intermediary Agent:
7.
DISTRIBUTION
(i)
Method of distribution:
Non-syndicated
(ii)
If syndicated, names of
Not Applicable
Managers:
(iii)
Date of Subscription
Not Applicable
Agreement:
(iv)
If non-syndicated, name of
Morgan Stanley Europe SE
Manager:
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(v)
Stabilising Manager(s) (if
Not Applicable
any):
(vi)
Total (underwriting and
Not Applicable
placing) commission and
concession:
(vii)
U.S. Selling Restrictions:
Regulation S Category 2
(viii) Prohibition of Sales to EEA
Not Applicable
and UK Retail Investors:
8.
THIRD PARTY INFORMATION
The information relating to credit rating systems set out under Paragraph 2 of Part B of
these Final Terms has been extracted from the websites of Moody's and S&P, as
applicable. The Issuer confirms that such information has been accurately reproduced
and that, so far as it is aware, and is able to ascertain from information published by
Moody's and S&P, no facts have been omitted which would render the reproduced
inaccurate or misleading.
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